Dublin, Aug. 24, 2021 (GLOBE NEWSWIRE) -- The "Digital Identity Solutions Market - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
In the post-COVID-19 scenario, the global digital identity solutions market size is projected to grow from USD 23.3 Billion in 2021 to USD 49.5 Billion by 2026, recording a CAGR of 16.2% from 2021 to 2026.
The market's growth in the market can be attributed to the increase in instances of identity-related frauds and data breaches and the need for compliance with various upcoming regulations.
By deployment, the cloud segment is expected to grow at a higher CAGR than the on-premises segment during the forecast period.
The adoption rate of cloud-based digital identity solutions is expected to be on the rise, due to their features, such as ease of use and reduced installation and maintenance costs. The on-premise deployment mode is expected to have a larger market size during the forecast period, as large enterprises have the required infrastructure for deploying their solutions on-premises. On-premise deployment assures high levels of flexibility and control. At the same time, a cloud-based deployment enables the expansion of the number of end users, as required.
The Asia Pacific market is expected to register the highest growth rate during the forecast period.
Based on region, the digital identity solutions market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. Major factors boosting the growth of the digital identity solutions market in APAC include increasing investments by government and defense sectors as well as increased technological advancements across various sectors.
With rapid digitization, increased use of smartphones, mobile applications, and cloud storages for the smooth functioning of businesses Asian organizations are evolving to a security mindset.
Key players in the global digital identity solutions market include vendors, such as NEC Corporation (NEC), Samsung SDS, Thales Group, GB Group PLC (GBG), TELUS Communication (TELUS), Tessi, Daon, IDEMIA, ForgeRock, and Jumio.
Premium Insights
- Increasing Number of Identity Thefts Across Verticals to Fuel the Growth of the Market
- Single-Factor Authentication to Account for a Higher Market Share During the Forecast Period
- On-Premise Deployment to Gain a Higher Market Share During the Forecast Period
- Large Enterprises to Have a Greater Market Share During the Forecast Period
- BFSI and North America to Account for the Highest Respective Market Shares in 2021
- APAC to Emerge as the Best Market for Investment in the Next Five Years
Market Dynamics
Drivers
- Rise in Identity and Authentication Frauds
- Integration of Biometrics in Smartphones
- Increased Focus to Enhance End-To-End Customer Experience
Restraints
- Higher Cost Involved in Deploying Digital Identity Solutions
- Lack of Information Security of Consumer Data
Opportunities
- Integration of Ai, Ml, and Blockchain Technologies to Enhance Digital Identities
- Increase in Adoption of the Cloud-Based Digital Identity Solutions
- Wide Adoption of Authentication Across Verticals
Challenges
- Threat of Privacy and Data Breach
- Lack of Skilled Security Professionals
Regulatory Landscape
- General Data Protection Regulation
- Electronic Identification, Authentication, and Trust Services
- Federal Information Processing Standards
- Essb 6280
- Personal Information Protection and Electronic Documents Act
- Criminal Justice Information System Security Policy
- Ffiec Authentication in an Internet Banking Environment Guidance
- Know Your Customer
- Anti-Money Laundering
- Fair and Accurate Credit Transaction Act
- Identity Theft Red Flags
Use Cases
Market Ecosystem
Technology Analysis
- Built-In Fingerprint Readers
- Out-Of-Band Authentication
- Baked-In Authentication
Pricing Model Analysis
Patent Analysis
Revenue Shift - Yc/Ycc Shift: Market
Companies Mentioned
- Au10Tix
- Daon
- Duo Security
- Forgerock
- GBG
- Good Digital Identity
- Hashcash Consultant
- Id R&D
- Idemia
- Imageware Systems
- Iproov
- Jumio
- NEC
- Onespan
- Raulwalter
- Refinitiv
- Samsung Sds
- Signicat As
- Smartmatic
- Syntizen
- Telus
- Tessi
- Thales Group
- Verisec
- Vintegris Tech
For more information about this report visit https://www.researchandmarkets.com/r/fftb94
